Exhibit 99.1
ARCH CAPITAL GROUP LTD. COMMENTS ON IMPACT OF HURRICANE CHARLEY
HAMILTON, BERMUDA, August 20, 2004 — Arch Capital Group Ltd. [NASDAQ: ACGL] announced today that it expects to incur net losses of between $24 million and $44 million in the 2004 third quarter based on preliminary estimates of industry insured losses resulting from Hurricane Charley that range from $6 billion to $9 billion. These estimates were developed using modeling techniques that are inherently uncertain and, accordingly, it is possible that actual losses incurred from Hurricane Charley may vary from these estimates.
Arch Capital Group Ltd., a Bermuda-based company with over $2.3 billion in capital, provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries (collectively, the “Company”) may include forward-looking statements which reflect the Company’s current views with respect to future events and financial performance. Forward-looking statements involve the Company’s current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Contact: | Arch Capital Group Ltd. |
| John D. Vollaro |
| (441) 278-9250 |
